Tag: Fisherman

In economics, the term “rent” is often confused with economic profit. Profit (π) can be measured over the short-term or the long run. In the short term, profit is equal to total revenues minus total costs of production (π=TR-TC). Over the long run, marginal costs accumulate and matter more than short-term profits. This applies to… Read More

For millennia, people have scoured the oceans for leviathans and other sea monsters. Experienced fishermen have scoured the seas for proof of their existence, telling countless stories of elusive giant fish—“the ones that got away”. Their tales of fish so large that they can sink boats have inspired many myths and even more scientific discoveries.… Read More